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Consider the diagram below, which depicts the external marginal cost of pollution by each ton of sulfur dioxide emitted by power plants, and the marginal abatement cost of eliminating that pollution.
a. Explain why the marginal abatement cost (or marginal benefit of pollution) curve slopes downward.
b. Find the efficient level of pollution and indicate it on your graph.
c. Firms, which care little about the damage imposed on people hundreds or thousands of miles away, have little incentive to produce the optimal amount of pollution on their own. Explain how, if regulators tax the producer $400 for each ton of pollutant emitted, power producers will have an incentive to cut emissions to exactly the socially optimal level.
d. Explain why a tax of $600 for each ton of pollutant emitted is too high a tax, and $200 per ton is too low a tax.
Just The Fax, Inc. (JTF) has hired you as a consultant to analyze the demand for its line of telecommunications devices in 35 different market areas. The available data set includes observations on the number of thousands of units sold by JTF per ..
Smartphones require superconductors, and the production of superconductors is heavily polluting due to the use of many chemicals in the process. The damages to society are given by Ds = 10x2.a) Find the private marginal benefit, the private margina..
Chuck, Michael and Hakeem are three retired basketball players. They determine that in Madison there is demand for private basketball coaching. The demand and supply curves for private basketball coaching are Qd = 50
Summarize the problems with operational databases that limit their usefulness for BI applications.
What are the possible reasons for the price rise mentioned in the news article? Use one demand and supply model to illustrate how bird flu and Christmas season influence the equilibrium price and output in the egg market.
Joe has never trusted banks and always kept his money in cash. Joe pulls out his money jar, discovers that it has $20,000 in it, and decides it is unsafe to keep that much cash. Joe stops at the Local National Bank the following day, opens a check..
Cranberry production in Massachusetts totaled 2.37 million barrels in 2008, a 56 percent increase from the 1.52 million barrels produced in 2007. Demand increased by even more than supply, pushing 2008 prices to $56.70 per barrel from $49.80 in 20..
Population variances of the test scores for the two sections are the same? Be specific about the null and alternative hypotheses and show the steps of your test and indicate your conclusion.
A consumer has a monthly budget of $100 for buying breakfast which he spends entirely on donuts (x) and breakfast burritos (y) from his favorite fast food restaurants. Donuts cost 50 cents each and Burritos cost $1 each.
The fisherman has a fixed cost of $200 per day and variable costs of $150 per hour (wages and fuel). Fill in the information missing in the following table. Hours/ day Total Fixed Costs Total Variable Costs Total Costs Marginal Costs
Suppose that the market for cigarettes in a particular town has the following supply and demand curves: Qs = P; Qd = 50 - P with quantities measured in thousands of units. Suppose the town council needs to raise $300,000 in revenue
Sketch the demand curve, MR curves well as the MC curve as per information above.
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